Company registration number 09638499 (England and Wales)
ELITE ESTATE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ELITE ESTATE DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
ELITE ESTATE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
30 MARCH 2023
30 March 2023
- 1 -
30 March 2023
31 March 2022
Notes
£
£
£
£
Fixed assets
Investment property
4
2,029,750
1,729,000
Investments
5
129,059
129,209
2,158,809
1,858,209
Current assets
Debtors
7
2,142,963
2,252,310
Cash at bank and in hand
7,312
13,194
2,150,275
2,265,504
Creditors: amounts falling due within one year
8
(2,503,254)
(1,238,409)
Net current (liabilities)/assets
(352,979)
1,027,095
Total assets less current liabilities
1,805,830
2,885,304
Creditors: amounts falling due after more than one year
9
(258,711)
(1,470,019)
Provisions for liabilities
(97,746)
(97,746)
Net assets
1,449,373
1,317,539
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
365,858
365,858
Profit and loss reserves
1,083,415
951,581
Total equity
1,449,373
1,317,539
ELITE ESTATE DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 MARCH 2023
30 March 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 19 March 2024
S Latham
Director
Company registration number 09638499 (England and Wales)
ELITE ESTATE DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 MARCH 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 27 March 2021
100
389,317
749,877
1,139,294
Period ended 31 March 2022:
Profit and total comprehensive income for the period
-
-
180,245
180,245
Dividends
-
-
(2,000)
(2,000)
Transfers
-
-
0
23,459
23,459
Other movements
-
(23,459)
-
(23,459)
Balance at 31 March 2022
100
365,858
951,581
1,317,539
Period ended 30 March 2023:
Profit and total comprehensive income for the period
-
-
133,834
133,834
Dividends
-
-
(2,000)
(2,000)
Balance at 30 March 2023
100
365,858
1,083,415
1,449,373
ELITE ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2023
- 4 -
1
Accounting policies
Company information

Elite Estate Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19 Mount Pleasant, Waterloo, Liverpool, L22 5PL.

1.1
Reporting period

These financial statements are for the period ended 30 March 2023. The previous financial statements were for the period ended 31 March 2022 in order to align the company's accounting reference date with that of its subsidiary undertakings. As such, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Turnover

Turnover represents consultancy fees and rental income for the period, excluding VAT.

 

Rental income is adjusted to exclude rents invoiced for future periods. Lease incentives to tenants are allocated evenly over the length of the lease.

1.4
Investment property

Investment property is property which is held to earn rentals and/or for capital appreciation. It is initially measured at cost which includes the purchase price and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting date with any surplus or deficit on revaluation being recognised in profit and loss.

1.5
Fixed asset investments

Interests in subsidiaries and significant undertakings are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

Subsidiaries and significant undertakings are entities controlled by the company. Control is the power to govern the financial and operating policies of the entities so as to obtain benefits from their activities.

ELITE ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Where appropriate bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at cost.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank and other loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ELITE ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases

Rentals payable under operating leases are charged to income in the period in which they are incurred.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
1
1
ELITE ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
- 7 -
4
Investment property
2023
£
Fair value
At 1 April 2022
1,729,000
Additions
300,750
At 30 March 2023
2,029,750

The investment property owned by the company comprise residential and commercial properties held for rent.

 

The investment property was valued by the director at 30 March 2023 on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
129,059
129,209
Fixed asset investments not carried at market value

Fixed asset investments represent the purchase price of shares held in the company's subsidiary undertakings together with the purchase price of shares held in the company's significant undertakings. These subsidiary and significant undertakings are not listed on the stock exchange.

Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
129,209
Disposals
(150)
At 30 March 2023
129,059
Carrying amount
At 30 March 2023
129,059
At 31 March 2022
129,209
ELITE ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
- 8 -
6
Subsidiaries

Details of the company's subsidiaries and significant undertakings at 30 March 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
North John Ground Rents Limited
England & Wales
Property rental
Ordinary
100.00
S Latham Property Services Limited
England & Wales
Consultancy services
Ordinary
100.00
Damfield Developments Limited
England & Wales
Property development
Ordinary
100.00
Elite Land Group Limited
England & Wales
Property development
Ordinary
100.00
LF Properties (Liverpool) Limited
England & Wales
Property rental
Ordinary
50.00
KPS Property Developments Limited
England & Wales
Property rental
Ordinary
50.00
Park House Developments (NW) Limited
England & Wales
Property development
Ordinary
100.00
Elite Properties Liverpool Limited
England & Wales
Property rental
Ordinary
100.00
Moorgate Properties (NW) Limited
England & Wales
Property development
Ordinary
50.00
Elite Serviced Apartments (NW) Limited
England & Wales
Property rental
Ordinary
100.00
Elite Homes (NW) Limited
England & Wales
Dormant
Ordinary
100.00
Eagle Vaults Limited
England & Wales
Property development
Ordinary
100.00
North House Property Management Limited
England & Wales
Letting agent
Ordinary
100.00
Conlon O'Brien Homes Limited
Ireland
Property development
Ordinary
50.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
34,131
8,811
Amounts owed by group undertakings
1,936,993
2,149,897
Other debtors
171,839
93,602
2,142,963
2,252,310
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
1,087,015
29,827
Trade creditors
17,520
7,861
Amounts owed to group undertakings and undertakings in which the company has a participating interest
653,030
794,959
Taxation and social security
-
0
3,714
Other creditors
745,689
402,048
2,503,254
1,238,409
ELITE ESTATE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 MARCH 2023
- 9 -
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
258,711
1,120,019
Other creditors
-
0
350,000
258,711
1,470,019

The company's borrowing includes £1,304,582 (2022 - £1,103,537) which is secured by fixed charges over the company's investment property and floating charges over its other assets and undertaking. The company's director, S Latham has also given personal guarantees of £200,000 (2022 - £200,000) in respect of the company's bank borrowing and £375,000 (2022 - £375,000) in respect of its other borrowing.

10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Directors' transactions

Transactions in relation to loans with the director are outlined in the table below:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
S Latham - loan
2.00
89,239
126,074
3,362
(102,937)
115,738
89,239
126,074
3,362
(102,937)
115,738

The outstanding balance was repaid within nine months of the period end.

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